Terms of Service

The Company is authorised by the Astana Financial Services Authority (AFSA) as a participant in the AIFC FinTech Lab. Services are provided within the Regulatory Sandbox. The Company does not hold a Full Authorisation.

Client Acknowledgement: By accepting this Agreement, the Client irrevocably confirms that they: (i) understand the specific and experimental nature of operating within the Regulatory Sandbox; (ii) accept any possible systemic or operational limitations of the Platform; and (iii) realise that the provision of services may be fully suspended or terminated at the request of the Regulator or under the Company’s Exit Strategy.

1.1. Authorised Services: This Agreement governs the provision of the following services: Dealing in Investments as Agent, Dealing in Investments as Principal (Matched / Non-Matched), and Providing Custody.

1.2. Execution Model (Bilateral Execution): The Platform operates exclusively on a bilateral execution basis. The Company does not provide access to a Central Limit Order Book (No CLOB) and does not act as a Multilateral Trading Facility (MTF).

2.1. Capacity: By accepting the Agreement, the Client represents and warrants that they are at least 18 years of age, possess full legal capacity, and are not prohibited from using the Platform under the laws of their jurisdiction.

2.2. Classification: The Client is assigned the status of a Retail Client or Professional Client in accordance with the AIFC COB Rules.

2.3. Ongoing KYC: The Client is obliged to immediately notify the Company of any changes to personal data. The Company reserves the right to conduct Ongoing Monitoring. Failure to provide updated data constitutes grounds for an account freeze.

2.4. Source of Funds (SOF/SOW): The Company may at any time request documents to verify the Source of Funds or Source of Wealth.

3.1. Client Responsibility: The Client bears full responsibility for the security of their login, password, and the mandatory use of Two-Factor Authentication (2FA).

3.2. Presumption of Client Action: All actions performed through the Client’s account are deemed to be performed by the Client. The Company shall not be liable for losses resulting from unauthorised access by third parties to the Client’s credentials outside of the Company’s infrastructure.

4.1. RFQ Mechanism: Trading operations are carried out exclusively via the Request for Quote (RFQ) mechanism.

4.2. As-Agent Execution and Escrow: When entering into transactions where the Company acts as an Agent: (a) Escrow Lock — upon acceptance of a quote, the Company locks the required amount on the Client’s balance in the Internal Ledger; (b) Execution — locked funds are held until the order is confirmed by an external liquidity provider; (c) Settlement — upon successful execution, funds are debited and the acquired assets are immediately credited to the Client’s account; (d) Cancellation — in the event of a technical failure or rejection by the external provider, assets are immediately released to the Client’s balance without fees.

4.3. Right to Decline: The Company reserves the right to reject an RFQ due to lack of liquidity, volatility, or internal risk limits.

4.4. Internal Ledger: Entries in the Internal Ledger constitute final legal evidence of the Client’s balance.

5.1. Segregation: Client assets are strictly segregated from the Company’s own funds and are protected from the claims of the Company’s creditors.

5.2. Infrastructure: The Company uses Hot and Cold omnibus wallets and may engage third-party licensed custodians.

5.3. No Deposit Insurance: Digital assets are not insured by the Kazakhstan Deposit Insurance Fund (KDIF) or any other government schemes.

6.1. Closed-loop System: Fiat transfers (KZT, USD) are carried out strictly from/to a bank account verified in the Client’s name.

6.2. Unsupported Tokens and Networks (Cross-chain deposits): If a Client transfers digital assets not supported by the Company or sends supported assets via an unsupported blockchain network (e.g., sending an ERC-20 token to a TRC-20 address), such assets are considered lost. The Company is not obliged to attempt recovery and bears no liability for their loss.

6.3. Sanctions Control: The Company will reject transactions and block accounts of persons subject to sanctions (UN, OFAC, EU, UK, RK).

7.1. The Company has the absolute right, at its sole discretion, to decide whether to support hard forks or airdrops. The Company shall not be liable for any lost profit or benefit to the Client associated with these events.

8.1. Fees and Fee Schedule: The applicable fees, commissions, spreads, markups, withdrawal fees, conversion fees, custody-related administrative fees, dormant account fees, third-party charges and other charges are set out in the Fee Schedule (Appendix No. 1), as amended from time to time in accordance with this Agreement.

8.2. General Fee Disclosure Principles: The Company shall disclose all applicable fees, spreads, commissions and charges to the Client in a clear, transparent and comprehensible manner. No hidden, undisclosed or retroactively applied fees shall be charged.

8.3. Pricing and Spread Methodology: Digital asset pricing is generated using a Request-for-Quote execution model based on executable pricing obtained from regulated external OTC liquidity providers. Client Execution Price = External Executable OTC Price adjusted by Applicable Spread / Markup and any Separately Disclosed Fees, where applicable. The spread or markup is determined using predefined internal pricing parameters, including transaction size, market liquidity conditions, market volatility, asset type, operational execution costs, counterparty and settlement risk, banking and blockchain transfer costs, and liquidity provider pricing conditions. Spread parameters are maintained within internally approved pricing matrices and system logic. Under normal market conditions, the transaction spread / execution markup shall not exceed 5.00% of the executable OTC market price.

8.4. No Discretionary Pricing: The Company does not apply discretionary or manually altered pricing on an ad hoc basis outside approved governance procedures.

8.5. Transaction Commission Methodology: Where a transaction commission applies, it shall be calculated using either a fixed fee model or a percentage-based model linked to transaction value: Transaction Commission = Transaction Notional Amount x Applicable Commission Rate. The applicable commission rate or fixed fee shall be disclosed to the Client prior to execution.

8.6. Pre-Trade Disclosure and Client Confirmation: Before the Client confirms any transaction, withdrawal or conversion, the Platform shall display, where applicable, the quoted execution price or exchange rate, the applicable spread or markup, the transaction commission, estimated debit and credit amounts, withdrawal or network fees, and the final settlement amount. Transactions, withdrawals and conversions may proceed only following the Client’s affirmative confirmation.

8.7. Withdrawal and Conversion Fees: Withdrawal fees and conversion fees are calculated and applied in accordance with Appendix No. 1. For digital asset withdrawals, network fees may vary dynamically depending on blockchain congestion and shall be displayed prior to withdrawal confirmation. For fiat withdrawals, applicable banking or payment processing charges shall be disclosed before submission of the withdrawal request. Any conversion spread or fee shall be disclosed before the conversion is confirmed.

8.8. Fee Amendments: Any material change to the Fee Schedule shall be approved through the Company’s internal governance procedures, published through the Platform interface, and communicated to Clients at least thirty (30) calendar days prior to the new fees taking effect. Retroactive application of fee increases is prohibited.

8.9. Right of Set-off: The Company is entitled, without notice, to withhold or liquidate Client assets to satisfy any overdue debt owed to the Company, subject to the fee disclosure requirements and dormant account fee limitations set out in this Agreement and Appendix No. 1.

8.10. Dormant Accounts: A Client account may be designated as dormant only after twelve (12) consecutive months of complete inactivity, meaning no login, trading, deposit or withdrawal activity and no other Client-initiated account action during that period.

8.11. Prior Notice and Dormant Account Fee: A formal electronic notification shall be issued to the Client upon the eleventh (11th) month of inactivity, providing a thirty (30) calendar day grace period to log in or transact to reset the inactivity timer. The notice shall specify the date on which the account will be treated as dormant, the amount and frequency of the fee, the assets from which it may be deducted, and the steps to reactivate or close the account. The dormant account maintenance fee is USD 15.00 per month, charged no more frequently than monthly, capped at the remaining account balance, ceasing automatically once the account is reactivated, closed or reaches zero, and never creating a negative balance or indebtedness of the Client.

9.1. Tax Liability: The Client is personally responsible for the calculation and payment of their taxes.

9.2. Market Abuse: The Client is strictly prohibited from engaging in Market Abuse, wash trading, using the Platform to circumvent AML laws, or using the account for the benefit of third parties (unless classified as an institutional broker).

10.1. It is prohibited to use scraping, bots, reverse engineering of the Platform’s code, or to perform unauthorised overloading of the Company’s API interfaces.

11.1. Termination by the Client: The Client may terminate this Agreement at any time by closing the account or by giving written notice to the Company, subject to settlement of any outstanding transactions, fees and obligations.

11.2. Termination by the Company: The Company may terminate this Agreement by notice through the Platform, by email or other written means if the Client materially breaches this Agreement, including misuse of the Platform, breach of AML/CFT, sanctions or market abuse requirements, failure to provide required KYC or source of funds/wealth information, or failure to pay applicable fees.

11.3. Effect of Termination: Termination is subject to the completion, cancellation or settlement of any pending transactions and does not affect accrued rights, obligations, fees or liabilities existing before the termination date.

11.4. Suspension Rights: The Company may freeze assets and suspend service upon suspicion of AML/CFT violations, breach of the Agreement, or at the request of AFSA or law enforcement.

11.5. Deceased Accounts: Upon receipt of documentary evidence of the Client’s death, the account will be immediately frozen. Assets may be transferred to heirs only upon provision of a full set of properly executed legal documents (inheritance certificate, court order) recognised in the jurisdiction of the AIFC or the Republic of Kazakhstan.

12.1. Conflicts of interest may arise in connection with the Company’s services, including where the Company acts as principal or agent, receives fees, commissions or spreads, or uses third-party service providers.

12.2. The Company shall identify, manage and, where required, disclose conflicts of interest in accordance with applicable AIFC laws and regulations and its internal policies.

13.1. The Client may submit any complaint relating to the Company’s services or this Agreement in writing through the Platform, by email to info@credence.kz or by using the Company’s contact details.

13.2. The Company shall consider and handle complaints fairly, promptly and in accordance with its internal complaints-handling procedures and applicable AIFC laws and regulations. Complaints are acknowledged within 2 business days and the Company aims to resolve them within 15 business days.

13.3. A copy of the Company’s complaints-handling procedures shall be made available to the Client free of charge upon request.

13.4. If a complaint is not resolved through the Company’s internal process, the Client may refer the matter to the AIFC Court or, where agreed by the Parties, to arbitration administered by the AIFC International Arbitration Centre.

14.1. Exclusion of Indirect Losses: The Company shall not be liable for loss of profit, loss of revenue, loss of data, or reputational damage.

14.2. Third-Party Risks: The Company is not liable for delays or failures caused by banks, blockchain network congestion, liquidity providers, or cyberattacks on global internet infrastructure.

14.3. Indemnification: The Client agrees to indemnify the Company (including legal fees) against any losses or penalties arising from the Client’s breach of law or this Agreement.

15.1. The Company is exempt from liability for full or partial failure to perform obligations due to Force Majeure events (natural disasters, wars, pandemics, government actions, backbone provider failures, critical vulnerabilities in underlying blockchain protocols).

16.1. By accepting the Agreement, the Client consents to the collection, storage and processing of their personal data in accordance with the Company’s Privacy and Data Protection Notice and the AIFC Data Protection Regulations. Data may be transferred to KYC/KYT service providers solely for compliance purposes.

17.1. Amendments: The Company may amend this Agreement or the Fee Schedule by giving prior notice through the Platform, by email or by other durable medium, stating the effective date. If the Client does not agree, the Client may stop using the Platform and request termination before the amendments take effect. Continued use after the effective date constitutes acceptance.

17.2. Assignment: The Company may assign or transfer its rights and obligations under this Agreement to a third party without the Client’s prior consent. The Client may not transfer their account or rights under the Agreement to third parties.

17.3. Severability: If any provision of this Agreement is held invalid or unenforceable, the remaining provisions remain in full force and effect.

18.1. Jurisdiction: This Agreement is governed by the Acting Law of the AIFC.

18.2. Dispute Resolution: Any disputes, controversies or claims are subject to the exclusive jurisdiction of the AIFC Court or the International Arbitration Centre (IAC) in Astana, Republic of Kazakhstan. The language of proceedings shall be English or Russian.

Acceptance: This Agreement is accepted by the Client in electronic form upon completion of the registration process on the Platform by ticking the corresponding checkbox.